What it is

An ERC-20 balance is one number with no memory. Buy twice at different prices and the chain sees one pile. What you paid lives in a spreadsheet.

Exergue is ERC-6909, and the token id is the price you bought at. Cheap coins and expensive coins are not the same asset. They never mix, never average. So a contract can read what you paid and act on it inside a transaction. Nothing else can do that.

Buying

Send ETH. A 1% fee is taken and the curve mints your coins, stamped with your all-in price including slippage. Any wallet can buy by sending ETH straight to the contract. No approvals, no router.

Selling

You choose which coins to sell, by the price you paid for them. Sales settle at the current price: your stamp is a record, not a claim. You cannot sell in the same block you bought, which kills sandwich attacks.

Relief

Every market maker quotes one price to everyone, because no venue knows its counterparty. This one does. Hold coins bought above the current price and averaging down is cheaper, funded by half of every exit fee. Discount only, never a penalty: you cannot fake a loss, but you could dodge a penalty with a fresh wallet.

Capped four ways, smallest wins:

• the ETH you put into those coins, lifetime
• your real unrealised loss
• 20% of this buy
• the pool balance

The curve

Price is a pure function of ETH deposited. No oracle, no discretion: spot = 2.7959 gwei × ((3 + R) / 3)². Supply approaches 1,073,000,000 asymptotically.